Bank of the West

Last updated
Bank of the West
Company type Subsidiary
Industry Banking
Founded1874;151 years ago (1874)
DefunctSeptember 4, 2023;16 months ago (2023-09-04)
Fate Merged into BMO Bank, N.A.
Headquarters 180 Montgomery Street
San Francisco (with major support centers in Omaha, Fargo, Denver, Greater Los Angeles)
Key people
Nandita Bakhshi, CEO & President
RevenueIncrease2.svgUS$2.75 billion (2020) [1]
Increase2.svgUS$593 million (2020)
Number of employees
9,261 (2020)
Parent Bank of Montreal (BMO)
Website Archived official website at the Wayback Machine (archive index)

Bank of the West was an American financial institution headquartered in San Francisco, California, United States. It had more than 600 branches and offices in the Midwest and Western United States.

Contents

It was founded in 1874 in San Jose, California, as the Farmers National Gold Bank of San Jose. Bank of the West was then owned by the French banking group BNP from 1979 to 2023. Canadian banking group Bank of Montreal (BMO) completed the acquisition of Bank of the West in February 2023, with the intention of absorbing it into BMO's U.S. subsidiary BMO Harris Bank. Over the ensuing Labor Day weekend, the Bank of the West brand was retired, and all accounts and branches from both subsidiaries were converted and merged into the renamed BMO Bank, N.A. by September 5. [2]

History

Formation

Bank of the West began as Farmers National Gold Bank of San Jose, California, in 1874. When all bank notes became convertible to gold or silver in 1880, the bank converted from a gold national bank and changed its name to the First National Bank of San Jose, California. [3]

Acquisition by BNP Paribas

In 1970, Banque Nationale de Paris (BNP) established the French Bank of California. Later that decade, First National Bank of San Jose changed its name to Bank of the West. [4] In 1979, BNP bought Bank of the West and merged in the French Bank of California. The bank owned 35 locations and $350 million in assets. [3]

In May 2000, BNP and Paribas merged to form BNP Paribas. [5]

Mergers and expansions

Bank of the west tower dec 2008.jpg
The Bank of the West Tower in Sacramento, California
Abq Petroleum Bldg.jpg
Albuquerque Petroleum Building known as the "Bank of the West Tower" is a corporate office building of Bank of the West in Albuquerque.

Throughout the 1980s and 1990s, Bank of the West bought several other banks and branches. In 1987, Bank of the West bought Bank of Los Gatos. [Note 1] This was followed by the 1990 purchase of Central Banking Systems; [6] the 1991 purchase of 30 branches in northern California from failed Imperial Savings and Loan; the 1992 purchase of Atlantic Financial Federal Savings Bank from the Resolution Trust Corporation; the 1993 purchase of 15 branches in northern California from Citibank for $360 million; [7] the 1995 purchase of NorthBay Savings Bank, headquartered in Petaluma, California; and the 1997 purchase of branches from Bank of America and Coast Federal Bank.

In 1995, First Hawaiian Bank established Pacific One Bank to hold 30 branches in Washington, Oregon, and Idaho that it acquired from West One Bank when that bank was acquired by U.S. Bancorp and had to divest certain assets, due to the number of preexisting branches of U.S. Bank in the region. Three years later, in 1998, BNP and First Hawaiian Inc., the parent of First Hawaiian Bank and Pacific One Bank, created a company under the BancWest Bancorp name to hold Bank of the West and First Hawaiian Bank, with Bank of the West absorbing Pacific One. The creation of BancWest Bancorp caused the now-called BNP Paribas's (BNPP) ownership of the holding company to fall to 45%. BNPP also agreed not to increase its ownership of the bank holding company before November 2001.

Bank of the West footprint Bank of the West footprint.png
Bank of the West footprint

In 1999, Bank of the West bought Sierra West Bancorp. This transaction temporarily diluted BNP's ownership of the holding company to 42%.

In 2001, as part of the regulatory approval process with Wells Fargo Banks's acquisition of First Security Corp., Bank of the West acquired 23 First Security branches in New Mexico and seven First Security branches in Nevada to avoid antitrust issues with overlapping Wells Fargo operations. Also in 2001, First Hawaiian Bank bought Union Bank of California's branches in Guam and Saipan. First Hawaiian had established its first branch in Guam in 1970 and its first branch in Saipan in 1997. (Union Bank of California had established its branch in Guam in 1974.) In May 2001, the independent directors of BancWest Bancorp established a special committee that then unanimously voted to accept BNP's offer to acquire the remaining

Bank of the West in Gillette, Wyoming.jpg
A branch in Gillette, Wyoming
Bank of the West at Crossroads at Orenco Station - Hillsboro, Oregon.JPG
A branch in Hillsboro, Oregon

55% of BancWest Bancorp, making the holding company a wholly owned subsidiary of BNP. The year 2001 concluded with the December purchase by Bank of the West of United California Bank from Japan's UFJ Bank.

In March 2004, Bank of the West announced the purchase of Community First Bankshares, a bank holding company that operated Community First National Bank, headquartered in Fargo, North Dakota, which had 155 offices in 12 states: Arizona, California, Colorado, Iowa, Minnesota, Nebraska, New Mexico, North Dakota, South Dakota, Utah, Wisconsin, and Wyoming. [8] Soon after, Bank of the West agreed to buy USDB Bancorp, the parent of Union Safe Deposit Bank. [8] In December 2005, Bank of the West bought Commercial Federal Corporation of Omaha, Nebraska. This merger added offices in Arizona, Colorado, Iowa, Kansas, Missouri, Nebraska, and Oklahoma to Bank of the West.

In January 2006, Bank of the West opened a representative office in Tokyo, Japan, and in September 2007, it opened a representative office in Taipei, Taiwan. [9] As of June 2016, Bank of the West's CEO is Nandita Bakshi. [10]

In 2022, the bank was listed as one of the Best Places to Work for Disability Inclusion by the Disability Equality Index (DEI). [11]

Acquisition by BMO

In December 2021, BNP Paribas agreed to sell Bank of the West to the Canadian banking group BMO Financial Group. BMO announced plans to merge Bank of the West with its existing U.S. subsidiary BMO Harris Bank, which would at least double BMO's total presence in the United States. [12] [13] BMO's acquisition of Bank of the West completed in February 2023. [2] After the close of business on Friday, September 1, 2023, all Bank of the West accounts and branches were converted over the Labor Day weekend into those of BMO by Tuesday, September 5. [14]

See also

Notes

  1. ↑ Bank of Los Gatos had been founded in 1883. When Bank of the West bought it in 1987, it had failed.

Related Research Articles

<span class="mw-page-title-main">Bank One Corporation</span> Former bank of the United States

Bank One Corporation was an American bank founded in 1968 and at its peak the sixth-largest bank in the United States. It traded on the New York Stock Exchange under the stock symbol ONE. The company merged with JPMorgan Chase & Co. on July 1, 2004, with Bank One CEO Jamie Dimon soon becoming CEO and Chairman of the combined company but under JPMorgan Chase branding. The company had its headquarters in the Bank One Plaza in the Chicago Loop in Chicago, Illinois, now the headquarters of Chase's retail banking division.

East West Bank is an American bank that is the primary subsidiary of East West Bancorp, Inc. It is the largest publicly traded bank headquartered in Southern California. The company has been ranked the #1 performing U.S. bank with more than $10 billion in assets by S&P Global Market Intelligence, and the top performing bank in its asset size by Bank Director.

<span class="mw-page-title-main">U.S. Bancorp</span> American bank holding company

U.S. Bancorp is an American multinational financial services firm headquartered in Minneapolis, Minnesota and incorporated in Delaware. It is the 7th-largest bank in the United States as of 2024. As the largest bank in the Midwestern United States, it is considered systemically important by the Financial Stability Board. It is the parent company of its primary operating entity, U.S. Bank National Association, which does business as U.S. Bank. The company provides banking, investment, mortgage, trust, and payment services products to individuals, businesses, governmental entities, and other financial institutions.

<span class="mw-page-title-main">BNP Paribas</span> French multinational banking and financial services company

BNP Paribas is a French multinational universal bank and financial services holding company headquartered in Paris. It was founded in 2000 from the merger of two of France's foremost financial institutions, Banque Nationale de Paris (BNP) and Paribas. It also incorporates many other major institutions through successive acquisitions, including Fortis Bank in Belgium, Direkt Anlage Bank in Germany, Banca Nazionale del Lavoro in Italy, Banque Générale du Luxembourg in Luxembourg, and Türk Ekonomi Bankası in Turkey. The group has also been present in the United States through its subsidiaries Bank of the West until 2023 and First Hawaiian Bank until 2019. With 190,000 employees, the bank is organized into three major business areas: Commercial, Personal Banking & Services (CPBS); Investment & Protection Services (IPS); and Corporate & Institutional Banking (CIB).

<span class="mw-page-title-main">National City Corp.</span> American bank and part of National City Corp

National City Corporation was a regional bank holding company based in Cleveland, Ohio, founded in 1845; it was once one of the ten largest banks in America in terms of deposits, mortgages and home equity lines of credit. Subsidiary National City Mortgage is credited for doing the first mortgage in America. The company operated through an extensive banking network primarily in Ohio, Illinois, Indiana, Kentucky, Michigan, Missouri, Pennsylvania, Florida, and Wisconsin, and also served customers in selected markets nationally. Its core businesses included commercial and retail banking, mortgage financing and servicing, consumer finance, and asset management. The bank reached out to customers primarily through mass advertising and offered comprehensive banking services online. In its last years, the company was commonly known in the media by the abbreviated NatCity, with its investment banking arm even bearing the official name NatCity Investments.

The Bank of Hawaii Corporation is an American regional commercial bank headquartered in Honolulu, Hawaii. It is Hawaii's second oldest bank and its largest locally owned bank in that the majority of the voting stockholders reside within the state. Bank of Hawaii has the most accounts, customers, branches, and ATMs of any financial institution in the state. The bank consists of four business segments: retail banking, commercial banking, investment services, and treasury. The bank is currently headed by chairman, president and chief executive officer, Peter S. Ho.

<span class="mw-page-title-main">BMO Bank</span> US bank

BMO Bank, N.A. is a U.S. national bank headquartered in Chicago, Illinois. It is a subsidiary of the Toronto-based multinational investment bank and financial services company Bank of Montreal, which owns it through the holding company BMO Financial Corporation. As of March 2024, it was the 15th largest bank in the United States by total assets.

<span class="mw-page-title-main">Marshall & Ilsley</span>

Marshall & Ilsley Corporation was a U.S. bank and diversified financial services corporation headquartered in Milwaukee, Wisconsin, that was purchased by Bank of Montreal in 2010.

<span class="mw-page-title-main">BMCI</span> Moroccan bank

The Banque Marocaine pour le Commerce et l'Industrie is a bank in Morocco, headquartered in Casablanca. It is majority-owned subsidiary of Paris-based BNP Paribas (BNPP), and originates from the Moroccan operations of a predecessor of BNPP, the Banque Nationale pour le Commerce et l'Industrie (BNCI).

First Hawaiian, Inc. is a bank holding company headquartered in Honolulu, Hawaiʻi. Its principal subsidiary, First Hawaiian Bank, founded in 1858, is Hawaiʻi’s oldest and largest financial institution headquartered in Honolulu at the First Hawaiian Center. The bank has 57 branches throughout Hawaiʻi, three in Guam and two in Saipan. It offers banking services to consumer and commercial customers, including deposit products, lending services and wealth management, insurance, private banking and trust services. First Hawaiian was listed on the NASDAQ on August 4, 2016, and made its debut at number 12 in the January 2017 publication of Forbes' America's 100 Largest Banks with $20 billion in total assets. In 2019, BNP Paribas sold its stake in First Hawaiian Bank.

<span class="mw-page-title-main">First Interstate Bancorp</span> Defunct American bank holding company

First Interstate Bancorp was a bank holding company based in the United States. Headquartered in Los Angeles, it was the nation's eighth largest banking company.

Firstar Corporation was a Milwaukee, Wisconsin-based regional bank holding company that existed from 1853 to 2001. In 2001, Firstar acquired U.S. Bancorp and assumed its name, moving its headquarters to Minneapolis.

First Interstate BancSystem, Inc. is a financial holding company headquartered in Billings, Montana. It is the parent company of First Interstate Bank, a community bank with locations throughout 14 states within the Western and Midwestern United States. It is the largest bank based in Montana, as measured by total assets.

Mercantile Bancorporation was the largest bank holding company in Missouri when it was acquired by Firstar Corporation in 1999.

<span class="mw-page-title-main">First Community Bancshares</span> American bank holding company

First Community Bancshares, Inc. is a $2.43 billion bank holding company and the parent company of First Community Bank of Bluefield, Virginia, in the United States. As of 2012 First Community Bank had 45 locations in Virginia, West Virginia, and North Carolina, and two locations operating as Peoples Community Bank in Tennessee. As of April 21, 2023, First Community had $3.6 billion in assets.

<span class="mw-page-title-main">PacWest Bancorp</span> American bank holding company

PacWest Bancorp is an American bank holding company based in Beverly Hills, California, with one wholly owned banking subsidiary, Pacific Western Bank. It is a subsidiary of Banc of California.

<span class="mw-page-title-main">Valley National Bank of Arizona</span> Former bank, based in Phoenix, Arizona

Valley National Bank of Arizona was a bank based in Phoenix, Arizona, founded in 1900 and acquired by Bank One in 1992. The bank was one of Arizona's leading financial institutions during the 20th century and the last major independent bank in Arizona at the time of its acquisition.

The Nasdaq Financial-100 (^IXF) is a stock market index operated by Nasdaq consisting of companies that are listed on the Nasdaq stock exchange and that are in the financial services industry, including banking, insurance, mortgages and securities trading. It was created in 1985 as the sister index to the more widely followed Nasdaq-100.

<span class="mw-page-title-main">Star Banc Corporation</span>

Star Banc Corporation was a Cincinnati, Ohio-based regional bank holding company that acquired Firstar in 1998 and took the Firstar name; the merged bank acquired U.S. Bancorp in 2001 and took the U.S. Bancorp name. The company can trace its origins back to 1863 when it was first founded as the First National Bank of Cincinnati.

References

  1. ↑ "Bank of the West Data". Mortgage Origination Data. Archived from the original on December 8, 2021. Retrieved December 7, 2021.
  2. 1 2 Calvey, Mark (January 2, 2023). "Bank of the West's new owner talks new name, job cuts and plans for Bay Area real estate". San Francisco Business Times . Archived from the original on February 3, 2023. Retrieved January 11, 2025.
  3. 1 2 "History". Bank of the West. Archived from the original on November 10, 2016. Retrieved March 27, 2015.
  4. ↑ "Bank of the West Company profile". Hoover's . Retrieved June 16, 2010.
  5. ↑ "French bank BNP Paribas accused of complicity in Rwandan genocide". France 24 . June 29, 2017. Archived from the original on June 25, 2018. Retrieved June 25, 2018.
  6. ↑ Howe, Kenneth (January 11, 1996). "Grand Jury Indicts Ex-Bank Executive / He worked for Central Bank". San Francisco Chronicle .
  7. ↑ "Citybank selling 17 branches in California". The New York Times . April 23, 1993. Archived from the original on January 17, 2018. Retrieved February 14, 2017.
  8. 1 2 "BancWest Corporation has agreed to acquire Community First Bankshares" (Press release). BNP Paribas. March 16, 2004. Retrieved January 11, 2025.
  9. ↑ "Bank of West opens rep office in Taiwan". Reuters . September 21, 2007. Retrieved March 28, 2023.
  10. ↑ "Nandita Bakhshi Linkedin Profile". LinkedIn .
  11. ↑ "2022 Best Places to Work". Disability Equality Index. Archived from the original on May 3, 2023. Retrieved June 1, 2023.
  12. ↑ "Bank of Montreal expands U.S. presence with $16 bln purchase of Bank of the West from BNP Paribas". Reuters. December 20, 2021. Archived from the original on December 20, 2021. Retrieved May 14, 2022.
  13. ↑ Dornbrook, James (December 23, 2021). "Complementary branches may spare job cuts in BMO, Bank of the West deal". Kansas City Business Journal. Archived from the original on December 23, 2021. Retrieved January 11, 2025.
  14. ↑ Stutts, Jordan (January 18, 2023). "BMO sets September conversion date after Bank of the West deal gets green light". American Banker . Archived from the original on August 19, 2023. Retrieved January 11, 2025.

This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.